Fitch upgrades Philadelphia; oversight panel earns BBB-plus.

The long road back from the ratings dungeon began yesterday for Philadelphia, when Fitch Investors Service gave the city its first upgrade in 17 years.

Fitch moved its assessment to BB from B, leaving the city in the junk category. But the rating agency also assigned a BBB-plus to the Pennsylvania Intergovernmental Cooperation Authority, the city's new oversight board.